CBOE Resubmits Bitcoin Exchange-Traded Fund Proposal For SEC Approval

The Chicago Board Options Exchange’s (CBOE) reapplies their application for Bitcoin (BTC) exchange-traded fund (ETF) along with investment firm VanEck and financial services company SolidX, with the United States Securities and Exchange Commission (SEC) for a rule change to list a VanEck digital asset strategy director Gabor Gurbacs announced the public filing on Jan. 31.

The VanEck SolidX Bitcoin ETF proposed rule-change has been submitted by CBOE. Hard work by all teams involved. Public document: https://t.co/X25lOPjiFS pic.twitter.com/C9FP4adDE8

ETFs are basically securities that track a basket of assets proportionately represented in the fund’s shares. Many supporters believe that a bitcoin ETF will be a key step to promote mass adoption of cryptocurrencies.

CBOE initially withdrew their request for a rule change to list a Bitcoin ETF on Jan. 23. A CBOE spokesperson told Cointelegraph that the same was done due to the U.S. government shutdown as the end of the review period on Feb. 27 approached. Some legal experts noted at the time that the SEC was operating on a limited basis due the shutdown, that happened due to a political impasse over a proposed wall on the U.S.–Mexico border.

The application has been through several delays as the SEC pushed back its decision on multiple occasions. Initially, the firm filed the first with the SEC to list a Bitcoin-based ETF on June 6, 2018. In August, the commission delayed its decision on listing the ETF until Sept. 30.

The commission also requested comments regarding the decision, citing that the agency has not “reached any conclusions with respect to any of the issues” on the rule change. In December, the decision further delayed again and as the proposed rule change was first published in the Federal Register on July 2, 2018, the maximum period of consideration fell 240 days later, on Feb. 27, 2019.